Project Profile
| Type of project | Residential |
| Location of project | Kalavakkam, Thiruporur, Chennai |
| Type of development | Joint Development |
| Start date of project | April 2010 |
| Possession committed to customer as per sale agreement | Phase 1 – March 2013 (plus 3 months of grace period) Phase 2 – Not yet decided |
| Total saleable area | 0.87 million sq ft |
| Percentage of physical completion as on August 2011 | 5 per cent |
Sponsor Profile
| Name of the project | Marg Savithanjali |
| Name and address of developer | Marg Ltd, 4/318, OMR, Kottivakkam, Chennai – 600 041 |
| Name of developer group | Marg |
| Track record in years | 17 years (Incorporated in 1994) |
| No. of projects developed till date | 07 (1.08 million sq ft) |
| No. of ongoing projects | 11 (6.35 million sq ft) |
Project Rating Drivers
Project construction quality and amenities
- The project's structural quality is backed by the track records of the architect (M/s Cheralathan Associates, Chennai), structural consultant (M/s Buro Engineers India Pvt Ltd, Chennai), and civil contractor (group company, Marg India Foundation Ltd, Chennai). An onsite batching plant services the project’s concrete requirement, while concrete quality is ensured by onsite testing facilities. In addition, random tests for cement and steel are conducted at external testing laboratories.
- Amenities: The project’s proposed club house will include a health club, squash court, indoor games room with facilities for table tennis, carom, chess, and snooker, and a multipurpose hall and library. Other amenities include a jogging track, landscaped garden, skating rink, yoga platform, swimming pool, meditation pavilion, crèche and tech-smart features such as closed-circuit TV connecting common areas and children’s play area to each apartment, sensor lights in bathrooms and wash basins, programmed foot lamp, burglar alarms, video door phones, kitchen sensor exhausts, and gas-leak detectors.
- Location: The project is located near SSN College of Technology, Old Mahabalipuram Road, and is about 3 kilometres (km) from Kellambakkam Junction, and 42 km from the airport. The project is targeted at the upper-middle class, working in IT and ITeS companies, second-home buyers, and NRIs. It is situated close to several IT/ITeS establishments, including Siruseri IT Park, which is around 10 km from the site.
Project legal quality – The legal quality is backed by clear and marketable land titles, and detailed construction agreement that mentions possession date, payment terms, default implications, maintenance terms, delay compensation, cancellation terms and defect liability period. Most approvals for the project have been received. The developer is committed to obtaining the completion certificate for the project.
Project financial quality – The financial quality is moderate, backed by customer advances, sanctioned bank lines of Rs.500 million, and support from parent, Marg Ltd. The project has a comfortable operating margin and break-even level.
Project sponsor quality – The developer has a moderate track record in development in the Chennai real estate market, with presence across both the commercial and residential segments. The developer provides detailed information for its projects on the website. The group has a moderate financial risk profile, with a net worth of Rs.3563 million and high gearing of 4.8 times for 2009-10 (refers to financial year, April 1 to March 31).
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